YOU CAN DO THIS, BUT MOST LENDERS CHARGE AN AVERAGE OF 3 AND 1/4% TO 3 AND 1/2% TO REFINANCE WHICH WOULDNT MAKE SENSE FOR YOU TO USE AN $8,000 HELOC IF YOU WERE GOING TO HAVE TO PAY ANOTHER $4,000 JUST TO REFINANCE.
I have an $8k line of credit through my credit card. Has anyone ever used their line of credit as a down payment on a home and then possibly refinance the home to pay back the down payment.
I want to know if this type of LOC can be used or not,